Spotlight

Indian equity markets are set for a steady opening today, supported by a retreat in crude oil prices and a modest pullback in U.S. Treasury yields that helped fuel a relief rally across Wall Street overnight. Asian markets are also trading higher in early trade, with the Nikkei 225 gaining more than 0.5% and South Korea’s KOSPI advancing over 2%, providing a supportive regional backdrop for domestic equities. GIFT Nifty futures are trading around 23,343, compared with the Nifty 50’s previous close of 23,270, pointing to a firm opening for Indian equities.

The decline in WTI crude from its recent peak offers some relief on the macroeconomic front, but oil prices remain near the $100-a-barrel mark in international markets. That level is still high enough to keep investors guarded, given the potential impact on India’s import bill, inflation outlook and corporate margins. 

Despite the marginal pullback in oil prices, continuing geopolitical uncertainty and the conflict’s expansion into new fronts remain a major overhang for global markets. Investors are likely to closely monitor developments in the Middle East, as any renewed escalation could quickly reverse the recent decline in crude prices and add to market volatility.

Overall, the opening backdrop is supportive, but the combination of elevated oil prices and persistent geopolitical risks is likely to keep risk appetite measured, particularly at higher market levels.

Technical View

Nifty 50

Nifty 50 is likely to remain cautious, although the index showed some signs of stabilization after sustaining above the 23,200 level and repeatedly taking support from this region in the previous session. The near-term structure remains weak, and the index needs to reclaim the 23,300–23,400 resistance zone to strengthen the possibility of a recovery. A sustained move above 23,400 could improve momentum and open the way toward 23,500-23,600 region, while failure to reclaim this zone could keep selling pressure intact.
 
On the downside, 23,100–23,070 remains the crucial support zone. A decisive break below 23,070 could intensify weakness and expose the index to lower levels. The RSI near 30 remains oversold, although its gradual recovery above the average line suggests some improvement in short-term momentum. Overall, the bias remains cautious, with scope for a technical rebound if the index sustains above 23,400.

Bank Nifty

Bank Nifty broader technical structure remains weak, with the index trading below key resistance levels and momentum indicators continuing to signal selling pressure. On the upside, 56,700–56,800 remains the immediate resistance zone, while a sustained move above 57,000 would be required to improve the near-term structure and support a recovery toward higher levels.
 
On the downside, 56,000 remains the crucial immediate support. A decisive break below this level could accelerate weakness toward 55,800–55,700. RSI near 38 remains below its signal line, while the bearish MACD structure confirms that downside momentum is still present. Overall, the technical outlook remains weak, with the index likely to stay volatile below 56,800 and vulnerable to further selling if 56,000 gives way.